Tronox Holdings Plc · NYSE:TROX
Tronox — Q4 2025 Earnings Presentation
23 slides from Tronox's earnings presentation, Feb 19, 2026
Slide 1: Fourth Quarter and Full Year 2025 Conference Call
Fourth Quarter and Full Year 2025 Conference Call Tronox Holdings plc February 19, 2026 Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 1
Slide 2: Presenters
Presenters John Romano John Srivisal Chief Executive Officer Senior Vice President, Chief Financial Officer Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 2
Slide 3: Safe Harbor Statement and Non-U.S. GAAP Financial Terms
Safe Harbor Statement and Non-U.S. GAAP Financial Terms Cautionary Statement about Forward-Looking Statements Statements in this presentation that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking
Slide 4: 2025 in Review
2025 in Review Enhanced focus on cash and disciplined execution • Delivered best safety performance in over a decade • Exceeded Q4 volume expectations: highest TiO2 and zircon volume quarter for the year • Captured commercial benefits from antidumping measures in protected markets • Announced pricin
Slide 5: Full Year 2025 Financial Highlights
Full Year 2025 Financial Highlights 2025 2024 YoY % ∆ • Revenue decrease driven by lower price, unfavorable mix impacts, and lower volumes for both TiO2 and zircon Revenue $ 2,898 $ 3,074 (6)% • Loss from operations of $253M; Net Loss attributable to (Loss) Income from $(253) $ 219 n/m Tronox of $47
Slide 6: Commercial Performance
Commercial Performance Stronger than expected volumes across TiO2 and zircon Volume Q4’25 Q4’24 YoY % ∆ Q3’25 QoQ % ∆ • TiO2 volumes increased 9% QoQ and 13% YoY Revenue $ 730 $ 676 8% $ 699 4% – Volume gains in India, Latin America, and Middle East TiO2 577 533 8% 550 5% driven by antidumping measu
Slide 7: Operational Performance
Operational Performance Prioritization of actions to manage inventory Production Costs Q4 ’25 Q4 ’24 YoY % ∆ Q3 ’25 QoQ % ∆ • YoY: Unfavorable lower of cost or market (LCM) and idle Adjusted EBITDA $ 57 $ 129 (56)% $ 74 (23)% facility adjustments of $17M and higher operating costs of Adjusted EBITDA
Slide 8: Liquidity, Capital Expenditures & Cash Flow
Liquidity, Capital Expenditures & Cash Flow Actively managing balance sheet and enhancing liquidity • Total debt of $3.2B as of December 31, 2025; 9.0x net • Total available liquidity of $674M as of December 31, 2025 leverage on TTM basis – Includes $199M in cash and cash equivalents – Q4 2025 weigh
Slide 9: 2026 Capital Allocation Priorities
2026 Capital Allocation Priorities Prioritizing cash to ensure financial flexibility Actions Taken Investing to maintain our assets, vertical integration • Closure of Botlek facility and advantage, and projects critical to furthering our strategy Fuzhou reduces costs & inventory • Pull forward of ma
Slide 10: 2026 Outlook
2026 Outlook Q1 ’25A Q4 ’25E Q1 ’26E Full Year Uses of Cash FY 2026E Relatively flat TiO2 Volume QoQ / YoY 12% / (1%) 9% / 13% Net Cash Interest Expense ~$185M QoQ & YoY Relatively flat Net Cash Taxes <$10M Zircon Volume QoQ / YoY (6%) / (15%) 42% / 27% QoQ >$100M Working Capital (source of cash) Ad
Slide 11: Focusing on the Controllables
Focusing on the Controllables Commercial Approach Cost Structure Cash Generation • Antidumping measures • Sustainable cost improvement • Maintain disciplined capital implemented in European program expected to achieve allocation approach Union, Saudi Arabia, Brazil and high end of $125-$175M target
Slide 12: Progressing our Rare Earths Strategy
Progressing our Rare Earths Strategy End-use applications: Hyromet Light & Heavy • Consumer electronics Mining & Metals & • Auto / EVs (Cracking & Rare Earth Magnets Concentration Alloys • Robotics Leaching) Separation • Offshore wind • Defense Tronox’s Hydro- and areas of focus pyrometallurgy Trono
Slide 13: Q&A Session
Q&A Session Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 13
Slide 14: Appendix
Appendix Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 14
Slide 15: Tronox – A Diversified, Vertically Integrated Titanium Industry Leader
Tronox – A Diversified, Vertically Integrated Titanium Industry Leader TROX $2.9B $336M ~5,700 ~1,200 NYSE 2025 Revenue 2025 Adj. EBITDA Global Employees Customers • Vertically integrated mining and inorganic chemical Sales by Sales by TiO2 Sales Volume company Region2 Product2 by End Use Market2 •
Slide 16: Fourth Quarter 2025 Financial Highlights
Fourth Quarter 2025 Financial Highlights Q4 ’25 Q4 ’24 YoY % ∆ Q3 ’25 QoQ % ∆ • Revenue YoY increase driven by higher TiO2 and zircon Revenue $ 730 $ 676 8% $ 699 4% volumes, partly offset by unfavorable pricing including mix (Loss) Income from • Loss from operations of $114M; Net loss attributable
Slide 17: Tronox Environmental Sustainability Targets
Tronox Environmental Sustainability Targets 2025 was a milestone year for Tronox’s public sustainability targets ACHIEVE NET ZERO REDUCE SCOPE 3 ZERO WASTE TO SCOPE 1 & 2 EMISSIONS EMISSIONS IN OUR EXTERNAL DEDICATED BY 2050 SUPPLY CHAIN LANDFILLS 20501 2050 NET ZERO Zero Waste Reduce Scope 1 Reduce
Slide 18: Consolidated Statements of Operations (U.S. GAAP)
Consolidated Statements of Operations (U.S. GAAP) TRONOX HOLDINGS PLC CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. GAAP) (UNAUDITED) (Millions of U.S. dollars, except share and per share data) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net sales $ 730 $ 676 $ 2,898 $
Slide 19: Reconciliation of Non-U.S. GAAP Financial Measures
Reconciliation of Non-U.S. GAAP Financial Measures TRONOX HOLDINGS PLC RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) (Millions of U.S. dollars, except share and per share data) RECONCILIATION OF NET LOSS ATTRIBUTABLE TO TRONOX HOLDINGS PLC (U.S. GAAP) TO ADJUSTED NET (LOSS) INCOME A
Slide 20: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS Consolidated Balance Sheets (UNAUDITED) (Millions of U.S. dollars, except share and per share data) December 31, 2025 December 31, 2024 ASSETS Current Assets Cash and cash equivalents $ 199 $ 151 Restricted cash 12 1 Accounts receivable (net of allowance of $1 in 2025 and
Slide 21: Consolidated Statements of Cash Flows
TRONOX HOLDINGS PLC Consolidated Statements of Cash Flows CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Millions of U.S. dollars) Year Ended December 31, 2025 2024 Cash Flows from Operating Activities: Net loss $ (473) $ (54) Adjustments to reconcile net loss to net cash provided by operating a
Slide 22: Reconciliation of Net Income to EBITDA and Adjusted EBITDA (NON-U.S. GAAP)
Reconciliation of Net Income to EBITDA and Adjusted EBITDA (NON-U.S. GAAP) TRONOX HOLDINGS PLC RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA, ADJUSTED EBITDA AS A % OF NET SALES AND NET DEBT TO TRAILING-TWELVE MONTH ADJUSTED EBITDA (NON-U.S. GAAP) (UNAUDITED) (Millions of U.S. dollars) Th
Slide 23: Free Cash Flow (NON-U.S. GAAP)
Free Cash Flow (NON-U.S. GAAP) TRONOX HOLDINGS PLC FREE CASH FLOW (NON-U.S. GAAP) (UNAUDITED) (Millions of U.S. dollars) The following table reconciles cash provided by (used in) operating activities to free cash flow for the three months and year ended December 31, 2025: Year Ended Nine Months Ende